Bitcoin Casinos: The Ultimate Guide

Most
of these crypto-specific casinos host the very same games that you
would expect to find at a traditional online operator. Whether its
classic table games such as blackjack and roulette, progressive slots
that offer six-figure jackpots or even live dealers – Bitcoin casinos
have it all.

It
was only a matter of time before Bitcoin made the transition into the
online casino space. In what originally started as a clandestine
‘Bitcoin
Dice’ platform
in 2012 has now turned into an industry in its own right. In fact,
there are now dozens of online casinos that specialize purely in
Bitcoin deposits and withdrawals.

In
our Ultimate Guide to Bitcoin Casinos, we’ll start by briefly
explaining what Bitcoin actually is, followed by how a Bitcoin casino
works. We’ll then discuss some of the advantages of playing at a
Bitcoin casino, as well as whether or not any disadvantages exist.

What
is Bitcoin?

In
its most basic form, Bitcoin is a digital currency that allows people
to send and receive funds from anywhere in the world. The technology
was first
launched
in 2009 by an anonymous developer known only by their pseudonym
‘Satoshi Nakamoto’.

The
key characteristic that makes Bitcoin unique it its underlying
technology – the blockchain. In a nutshell, the blockchain allows
transactions to be processed without a third party, subsequently
creating a decentralized eco-system.

This
also means that the technology is not owned or controlled by any
single authority, nor is it backed by a nation-state, central bank or
government.

Although
Bitcoin has many use-cases, one of its overarching benefits is that
users can send funds in a borderless manner with ease. Regardless of
where the sender or receive is based, transactions take just 10
minutes, at a cost of less than a Dollar.

This
makes the digital currency an ideal conduit for online gambling.

Finally,
Bitcoin transactions are pseudonymous, meaning that in the vast
majority of cases, users are able to transact in an anonymous manner.

How
Does a Bitcoin Casino Work?

Effectively,
Bitcoin casinos operate in virtually the same manner as conventional
online casinos. The only key difference is the manner in which
players deposit and withdraw funds. Instead of using a traditional
debit/credit card or e-wallet, users deposit and withdraw funds using
cryptocurrencies such as Bitcoin.

In
terms of consumer protections, Bitcoin casinos usually offer two key
safeguards. Firstly, the vast majority of platforms hold a gaming
license. In the world of Bitcoin casinos, this is most commonly
issued by the Curacao
Gaming Control Board.

Although
it must be noted that the gaming authority in Curacao is nowhere near
as stringent as the likes of the UK’s Gambling Commission or the
Malta Gaming Authority, the organization must still ensure that the
platforms they license operate legitimately.

The
second key safeguard that Bitcoin casinos implement is something
called ‘Provably Fair’. For those unaware, Provably
Fair
is similar to RNG (Random Number Generator) technology, insofar that
is guarantees the fairness, randomness, and integrity of online
casino games.

However,
Provably Fair technology takes things one step further than RNG, as
each and every gaming outcome can be audited in the public domain. As
such, Bitcoin casinos are not only true and fair, but they’re also
completely transparent.

When
it comes to the gaming suite, Bitcoin casinos offer the vast bulk of
games that you would find at a traditional fiat casino. In fact,
you’ll likely find games developed by leading software providers
such as Evolution and NetEnt at a Bitcoin casino.

The
reason for this is that effectively, the only difference between a
Bitcoin casino and that of a traditional gambling platform is the
funding currency.

However,
as we will explain further down, because most Bitcoin casinos have no
relationship with fiat currencies such as the Dollar, Pound or Euro,
and instead focus exclusively on cryptocurrencies, players are
accustomed to some notable advantages

Bitcoin
Casinos: Deposits and Withdrawals

When
it comes to funding your account at a Bitcoin casino, things are done
in a slightly different way to a traditional casino. Firstly, you’ll
need to ensure that you are in possession of some Bitcoin. If you
don’t, you can easily purchase some using a debit or credit card at
leading cryptocurrency exchanges such
as Coinbase
or Kraken.

Once
you’ve obtained the necessary Bitcoin, you’ll then need to log in
to your Bitcoin casino account to find out what your unique Bitcoin
deposit address is.

If
you’ve never come across a Bitcoin address before, they’ll contain
between 26 and 35 alphanumeric characters, and no two addresses can
ever be the same.

Take
a look at the example below:

1CfaunqrVpcXmpLheUVWeSP1KPsKDha1Nb

Once
you’ve found your unique Bitcoin casino deposit address from within
your account, you’ll then need to head over to your private Bitcoin
wallet. Next, paste the Bitcoin address into your wallet, enter the
number of funds you want to transfer into your casino account, and
press send.

Although
Bitcoin transactions usually take 10 minutes before they are marked
as valid, Bitcoin casinos usually credit your account on ‘0
confirmations’. In plain English, this means that your deposit is
likely to be instant.

When
it comes to withdrawals, this is where Bitcoin casinos really
stand-out. Before we explain why, it is important to understand that
traditional online casinos are really slow to process withdrawals.

If
you’re using a debit or credit card, you’ll likely wait 3-5 days
before the funds arrive in your account. Before that, you’ll also
need to submit a copy of your ID and proof of address, if it’s the
first time you’ve made a withdrawal request.

On
the contrary, Bitcoin casinos not only processs withdrawals instantly
– without any requirement for identification, but the funds will be
back in your private wallet in no more than 10 minutes.

Advantages
of Using a Bitcoin Casino

As
noted above, Bitcoin casinos do not engage in KYC
(Know-Your-Customer) controls, meaning that you can essentially
gamble anonymously. This begins at the first start of the account
opening process, whereby you’ll only be required to enter your
email address and password.

The
key mechanism that allows Bitcoin casinos to operate in this manner
is that Bitcoin is not viewed by governments as real-world money.
This means that Bitcoin transactions are not accustomed to the same
anti-money laundering (AML) regulations that traditional casinos are
obliged to follow.

The
only time that ID is
required is when you exchange Bitcoin to real-world money, or
vice-versa. However, this wouldn’t be something that the Bitcoin
casino would do for you anyway, as you’d need to do this at an
exchange, or a Bitcoin ATM.

On
top of anonymous gameplay and instant deposits, a further advantage
to using a Bitcoin casino is that you’ll often find house-edges are
slightly lower in comparison to traditional casinos. The underlying
costs of operating a Bitcoin are significantly lower than main-stream
operators, and as such, they are able to pass these savings on to
their players.

We
should also note that Bitcoin casinos offer some highly notable
bonuses, some of which run into the cryptocurrency equivalent of
thousands of Dollars. This is mainly due to the fact that Bitcoin
casinos are still building a name for themselves, and thus, they need
to entice new players that are yet to make the transition.

Disadvantages
of Using a Bitcoin Casino

While
Bitcoin casinos offer a substantial number of benefits in comparison
to their traditional casino counterparts, there are some
disadvantages too. Firstly, the actual process of exchanging
real-world money to Bitcoin, and then exchange your Bitcoin winnings
to real-world money, is not only inefficient, but it’s also costly.

If
you wanted to play at a Bitcoin casino for the very first time, but
you were not in receipt of Bitcoin, you would need to do the
following:

As
you can see from the above, there are a lot of steps involved to
deposit and withdraw funds at a Bitcoin casino. Moreover, the
transaction fees involved when attempting to exchange Bitcoin with
real-world money can really start to add up – subsequently eating
away at your gambling profits.

Finally,
as Bitcoin is a highly volatile asset, you also stand the chance of
Bitcoin losing value before you get a chance to exchange it back to
fiat currency. Equally, this could also go the other way though.

Therefore,
you’d need to weigh all of the advantages and disadvantages up.

Bitcoin
Casinos – The Verdict?

In
summary, Bitcoin casinos have very quickly risen to fame in the
online gambling space – and for good reason. Not only are players
accustomed to instant deposits and withdrawals, lower house-edges,
guaranteed fairness, and anonymous gameplay, but welcome bonuses are
of significant size.

However,
the actual two-way process of exchanging Bitcoin with real-world cash
is somewhat inconvenient. It is only hoped that as the technology
continues to prosper, as will the ease at which users can enter and
exit the market.

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